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PetroChina 1H Profit Down 6%, Seeks Acquisitions Overseas
PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857) said its 1H net profit declined 6% year on year to ¥62.03 billion as oil prices fluctuated in geopolitical upheavals and demand remained weak. Its refining business lost ¥28.9 billion during the period. Revenue was up 9.9% to ¥1.05 trillion. The company said it is seeking acquisitions in Central Asia, East Africa, Australia and Canada to strengthen its international presence. Vice chairman Zhou Jiping said the company has set aside ¥100 billion for investment in overseas oil and gas assets this year, aiming to boost its overseas output to 50% of its total output in five to eight years from 9% at present.
Suntech Said to Be Deleveraged by State Firm
Debt-ridden Suntech Power Holdings Co (NYSE: STP), the world's biggest solar panel maker, will likely cooperate with Wuxi Guolian Development Group Co, state-backed holding company, to solve its financial problems, people familiar with the matter told Yicai.com. Restructuring and issuing bonds will be preferred to bail out the company, according to the sources. Suntech Power had $1.57 billion in short-term debts and just $474 million in cash as of the end of March 2012. Wuxi Guolian owns 75 subsidiaries with ¥42.63 billion in total assets and ¥14.37 billion in net assets. China's photovoltaic industry is being crippled by overcapacity.
China Unicom 1H Profit Surges 31% on Booming 3G Business
China Unicom Ltd (NYSE: CHU, SHA: 600050, HKG: 0762) said its 1H net profit jumped 31.1% to ¥3.43 billion thanks to rising numbers of subscribers of its 3G mobile services. Revenue was up 20% to ¥121.69 billion. The results were better than market expectations. The number of its customers increased 20.7% year on year to 219 million, including 57.53 million 3G service users. Monthly average revenue per user gained 2.8% year on year to ¥48.1 between January and June 2012.
The9 Loss Worsens in Q1
The9 Ltd (NYSE: NCTY), a Shanghai-based online game operator, posted $7.7 million in revenues and $17.5 million in net losses for Q1 2012. Buoyed by Shen Xian Zhuan, a new massively multiplayer online role-playing game, revenue climbed 74% from the same quarter a year ago, but losses expanded 112% from that recorded in Q1 2011 due to rising operating expenses and research spending,.
Tecent, TCL to Offer Tablet Computer
Tencent Holdings Ltd (HKG: 0700), one of China's largest internet firms, has paired up with TCL Corp (SHE: 000100), a home appliance manufacturer, to co-produce a 26-inch tablet computer known as the Ice Screen. The device is preinstalled with Tencent's most popular software, including the QQ instant messenger, album, music, video, gaming and update features. The Ice Screen is set to hit the market on September 3 priced ¥1,999 and only available online.
Ping An 1H Profit Up 9.4% on Strong Banking Performance
Ping An Insurance Group Co of China (SHA: 601318, HKG: 2318), the nation's second biggest insurer, said its 1H net profit rose 9.4% year on year to ¥13.96 billion fueled by its banking division, whose earnings increase 1.8 times to ¥6.73 billion. Ping An acquired Shenzhen Development Bank last year. Strong banking performance countered an overall slack insurance market.
BoC Nets ¥390m Per Day in 1H
Bank of China Ltd (SHA: 601988, HKG: 3988) said its 1H net profit grew 7.6% year on year to ¥71.6 billion after slowing economic growth dragged down the rate to a single-digit pace. Its nonperforming loan ratio stood at 0.94% as of the end of June 2012, down 0.06 percentage points from six months earlier.
$1 = ¥6.36
@2011 China Economy @ The China Perspective.
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